An insurance broker is an intermediary between the insured and the insurance companies, or carriers, providing the insurance. However, what distinguishes a retail broker from a wholesale broker? In addition, what are the advantages and disadvantages involved in using a wholesale broker? Below, we will answer these questions in order to understand the role of a wholesale insurance broker within the broader property and casualty insurance industry.
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There are an estimated 1.4 million e-commerce companies in North America and global e-commerce sales are expected to hit an astonishing $4.8 trillion by 2021. One reason for this explosive growth is the availability and affordability of tools that make starting an e-commerce business easier than ever. Nowadays, anyone can launch an online store with minimal investment of time and money thanks to platforms and services like Shopify, Stripe, and Fulfillment by Amazon. And while these third-parties make starting and running an online retail operation easier and safer than ever, modern e-commerce companies still face a number of new risks and protecting against these threats is critical to sustained success.
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If you own a for-profit business, ordinary and necessary business expenses can be deducted from your taxes, and that includes the cost of insurance. An ordinary business expense in this context is one that is common within your industry. A necessary business expense, as defined by the IRS, is both “helpful and appropriate” for running the business.
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If you’re at all familiar with the process of shopping for insurance for your business, it’s likely you’ve seen the terms “non-admitted” and “admitted” relative to how insurance carriers are classified. These terms can be baffling to the layman. For the purposes of this article, the terms admitted and non-admitted refer to how a particular insurance company is regulated by individual state insurance departments. Let’s take a deeper look into the differences, and why they are necessary.
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Photography is an art that has become more valued over time. With the exponential growth of technology and the new and improved cameras, lenses, and lighting, there is a limitless potential market for photographers; however, there is also vast risk. Being a professional photographer is a unique profession. The purpose of this article is to discuss three common risks that every photographer and photography business will face and how photographer’s insurance can help mitigate those risks.
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Small businesses are the foundation for future economic success; they bring forth the innovation to increase efficiency in our evolving world. However, insurance companies make it difficult to figure out when to get your first commercial insurance policy and what policy is the best fit for your company. There are many different types of policies and types of insurance for different aspects of your business. Therefore, there are a few things to keep in mind when initially considering shopping for insurance for your small business.
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Running a small business is tough. You have deadlines, payroll to meet, taxes to handle, customers with challenges, rent to pay and the list goes on. But did you know that 50% of SMBs have been breached in the past 12 months? I know what you’re thinking. Well, we are too small, who would want to go after us? We don’t have anything a hacker would want.
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In response to a question we’re regularly asked by prospective customers, we decided to write an article briefly discussing the differences between cyber liability insurance and technology errors and omissions insurance while also explaining why these two different policies should be combined. We’ve written multiple times about each of these types of policies separately, but understanding how they work together will ensure your company is not only getting the most from each type of insurance but that there aren’t any critical gaps in protection. Continue Reading “The Difference Between Cyber Liability and Technology Errors and Omissions Insurance”
Most people who own or run a business are aware of the many digital risks threatening their companies with increasing frequency. As new mainstream companies announce data breaches seemingly weekly, business owners are educating themselves on ways to avoid falling victim to cybercrime. But what happens when a company’s cyber defenses fail? That’s where insurance comes into play; specifically, cyber liability, or data breach, insurance. Continue Reading “Making Sense of Cyber Liability Insurance”
While some photographers are used to working on location or at venues, many operate a photography business out of a photography studio. Whether you operate a studio out of your home or out of a dedicated commercial space, your company faces a unique set of risks and should prepare for those risks accordingly. One of the biggest exposures is the risk of injury to a client while at the studio for a shoot.
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Photography is an equipment-intensive profession with the tools a photographer depends on easily adding up to tens of thousands of dollars in value. From camera bodies to lenses to lighting, most photographers acquire the equipment they need over the course of their careers given the associated costs. But what happens when a photographer doesn’t have the tools necessary to complete a shoot or fulfill a contract? That’s where photography equipment rental comes in.
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